Saudi Aramco in discussions on further Indian investments

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Saudi Aramco in discussions on further Indian investments

World’s top oil exporter, the Saudi Aramco, had been in talks of further plausible investments on Indian projects, which would have involved companies such as Reliance industries, an operator of one of the world’s biggest refining complexes, the Chief Executive Officer of Saudi Aramco told on Wednesday, the 20th of February, 2019.

As fuel demand has been growing in Asia, major oil producers such as Aramco are targeting Asian countries as a stable refining warehouse for their crudes and enhancing investments to improve refining capacities in Asian countries.

Last year, UAE national oil company and Saudi Aramco partnered up with the state-owned Indian refiners, alongside petrochemical projects in Maharashtra state, as a part of their plans to create a refinery with output capacity of 1.2 million barrels per day In an industry event in New Delhi, the CEO of Aramco, Amin Nasser told reporters, “We are looking at additional investment in India so we are in discussions with other companies as well, including Reliance,” while Saudi Arabia’s energy minister, Khalid al-Falih had been quoted saying that he wanted the Saudi Aramco and the SABIC, another Saudi petrochemical company to enhance investments in India.

Nasser and Falih are currently in India, accompanying the Saudi Crown Prince, Mohammed bin Salman, who has been in India in a one-day visit.